How To Transfer Visa Gift Card to Bank Account and To Cash? This question keeps popping up in many online forums as plenty find it difficult to transfer their money in their visa gift card to their bank account or let’s say do not yet know of the best methods to do so.
In our today’s economy, tech advancement has made it possible for people to have Visa prepaid gift card that is loaded with a specific amount of money that can be used to carry out purchases for a period of time.
Of course, these cards are worth getting one as having it have saved individuals the stress of carrying cash around and going out of the budget with their expenses.
Now the topic of today is what happens if you have enough funds in the visa card and lacks cash at hand? The need to transfer the visa gift cards to a bank account becomes prominent. So, today, we will be telling you some of the best ways to Transfer Visa Gift Card to a Bank Account and To Cash.
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What is a Visa Gift Card and its Various Types?
A Visa gift card is a prepaid card loaded with a specific amount of money for the purpose of multiple purchases for as long as funds remain in the card, and for the benefit of controlling sending. Two types of Card exist which are Prepaid Debit Card and Prepaid Credit Card.
Visa Gift Cards are convenient to use and can be used all over the world. In fact, it can be used even without a bank account. Simply request a card, provide the money to be loaded onto it – and it is ready to use. They can be used for:
- Send money to family
- Shopping spree
- Purchase products and services both online and offline
- Pay for trips
- Control reckless spending
- Help spend money on a budget
- A perfect gift for friends
Some requirements for your visa gift card to be able to transfer funds to bank account
Expiration date – The Visa Gift Card should still be valid
Not Transferrable – Note that not all Visa Gift cards can transfer funds to bank accounts where you can withdraw the cash.
Dormant Card – If your gift card hasn’t been used for a long period then a fee may be attached to you for inactivity. Check this to avoid charges when you transfer gift cards to your bank account.
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Adequate Funds – Most Individuals end up spending more on charges and fees transferring money from the gift card to the bank account than the balance in the gift card. So to avoid losses, it’s better to make sure that there is more than enough money in your gift cards before you go ahead to transfer.
It should be noted that in most cases, the transfer of funds from a Visa Gift Card to a Banks account isn’t a direct process. You can normally use any of the following approaches;
- Add the card to your PayPal or Venmo account and transfer the balance to your own account.
- Get money for a voucher issued by a Gift Card Exchange Kiosk and then deposit it into your account.
- Choose an app or website to sell your gift card to that pays you through direct deposit, letting you then use the selling price as a way to transfer the Visa gift card to your bank account.
- Use the card to buy a money order, with the value of this then placed in your account.
Best recommended ways to Transfer Visa Gift Card to Bank Account
Linking the Visa Gift Card to PayPal
PayPal does accept some Visa Gift Cards and is, therefore, one of the best ways to transfer money from a Gift Card to a bank account.
The transfer can be easily done by adding your card to your PayPal account and transferring the balance to your own account because Paypal allows you to add prepaid cards, including Visa gift cards to your Paypal wallet.
Here is a step by step guide on how the transfer can be achieved through Paypal:
- Create a PayPal account and if you already have one, just login to your Paypal account.
- Select the ‘wallet’ option at the top of the page.
- You’d see a ‘Link a Card or Bank’ option at the left side. Click it and continue.
- When you get to the point where PayPal asks you for the relevant information, add your Visa gift card details. Then click ‘Link Card’.
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Convert your Visa gift card to cash by selling it to a website
There are plenty of websites that will pay cash for your Visa gift card. If your gift card is digital, then the process can be instantaneous. But even if you have a physical card, some websites will pay for your postage to send them the card, so you won’t end up losing any money on that front.
Transfer Visa Gift Card to Bank Account and To Cash Via MoneyGram
MoneyGram can be used for visa gift cards to Bank account transfers. You can transfer money from a prepaid card to your bank account indirectly by trying some of the following options:
- Sign up to create an account at MoneyGramOnce you open the MoneyGram website, click the ‘Sign up’ button, fill in your email address, provide a strong password and sign up. Go to your email and verify that you’ve successfully created an account.
- Click ‘Send Money’ at the MoneyGram websiteAt the top menu bar of the website, click the ‘Send money’ icon and it would take you to a page where you are required to fill in the payment details. Make sure you link visa gift card to bank account you are sending the money to.
- Fill in Bank DetailsYou will be taken to a page where you’d fill in your bank details after sending the payment information. Here you’d enter; Receiver’s Name, Address, Card information. After entering these information, click ‘Next’ and your money transfer would be processed. You have now transferred money from your visa gift card to bank account.
Transfer Visa Gift Card to Bank Account Venmo.
You can transfer visa gift cards to a bank account using Venmo. Venmo is somewhat similar to PayPal and you can put your card balance in your Venmo account.
Get started with transfer by;
- Downloading the Venmo app
- Open a Venmo account for yourself
- You’d see the ‘Add gift card’ option. Click on it.
- Put in your payment and bank details and send. And your transfer would be done.